Greater China

Guangzhou Shipyard to take over Huangpu Wenchong Shipbuilding

Shanghai: Guangzhou Shipyard International (GSI) is to take over its sister company Huangpu Wenchong Shipbuilding Company, according to the two yards’ parent China State Shipbuilding Corporation (CSSC).

“We plan to acquire 100% equity interests in CSSC Huangpu Wenchong Shipbuilding Company and certain third-party assets through a combination of issuance of shares and cash payments that involve certain fundraising activity,” GSI said in a statement issued on October 14.

GSI said there were no plans to merge Rongsheng Heavy Industry into GSI.

Trading of shares in Hong Kong-listed GSI have been suspended since April 8, but should resume no later than November 15th, pending approval from the Hong Kong and Shanghai Stock Exchanges, GSI said. [15/10/14]

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